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Economy of Australia (complete) Flashcards | StudBud
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Economy of Australia (complete)
Economy of Australia (complete)
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Australia economy
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
Which is NOT one of the 3 basic economic questions?
What will be produced?
Who will it be produced for?
How will it be produced?
When will it be produced?
2
Which economic system is based on tradition? People do what has been done for generations.
Market
Command
Traditional
Mixed
3
Which economic system has the government in total control?
Mixed
Market
Command
Traditional
4
Australa's mixed economy is
81% free and 19% command
75% free and 25% command
90% free and 10% command
20% free and 80% command
5
The Australian government does overly regulate (put many rules on) companies.
True
False
6
Which is not true of Australia?
People are not allowed to own their own businesses.
Business corruption is rare.
They are known to protect property owners.
They are known to have good court systems.
7
What kind of economy does Australia have?
Command
Traditional
Market
Mixed
8
Which country does NOT have a command economy?
Cuba
North Korea
Canada
Former Soviet Union
9
The Australian government does NOT
Collect taxes
Provide certain services.
Regulate some trade
Ban (stop) foreign trade
10
Individuals and businesses own ___of Australia's land and resources.
25%
75%
60%
90%
11
The citizens of Australia are free to make most economic decisions.
False
True
12
On the economic continuum, Australia falls more on the ___ side.
Market
Traditional
Command
13
Which economic system has NO government control?
Traditional
Mixed
Market
Command
14
Which economic system is a combination of the other economic systems?
Mixed
Market
Command
Traditional
15
Even though Australia has a mixed economy, it is closer to a
traditional economy.
market economy.
mixed economy.
command economy.
